Why would the burn of the community pool change anything about the peg? It don’t take any pressure form the CEX right?
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UST proved to be a failure and irremediable, so UST was abandoned to save Luna
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It actually wasn’t and that’s the whole issue.
Forget UST and move on with LUNA and the Terra ecosystem. UST is bad debt, the peg was always going to be challenged, it was a matter of time.
By trying to restore the UST peg, TFL and Jump bankrupted their entire ecosystem.
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Да, верно.
Has the voting passed?
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Removing the the 371 million cross-chain UST can have a negative effect to the liquidity pools on other chains.
When those cross-chain pools are not incentivized, this could drive more UST to the market, further pressuring UST peg
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Голосование ещё продолжается. Надеюсь оно будет длится не 7 дней , а закончится максимально быстро.
I think we should consider eliminating a link between Luna and UST, and make another algorithmic stablecoin that can be pegged via Luna. 100% sure there will be many builders who will still build on Terra, and we can build it better this time.
Sorry for UST holders, but adios guys. Anyways we will not be able to save 10bn+ UST with ~1bn Luna. Let’s just build new one, based on same logic, but better tech.
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I’d suggest not doing so. At some point, if LUNA becomes really cheap, it’s going to be easy to buy the majority of the LUNA stake and perform certain attacks on the blockchain.
The UST at the reserve is already not market, so it will not do anything to the prices of UST or LUNA.
If the UST at the reserve is around 11% of the total UST in the market, this can be still converted to LUNA and staked quickly to help in the event of a bad actor trying to attack the system.
Ofc the security of the chain is not perfect in both options, but at least with the UST at hand, it’s maybe not impossible.
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We can if we smartly help more bad debt offload fast at great discounts. Hopefully we can tweak the $0.98 BTC idea into a better one that doesn’t involve using curve.fi. That place will destroy us if we use that for an emergency exit. We need to use our own mirror or wrapped product to sell stabilization funds to bad debt holders. The key is at the end of the repeg we need to make back all the stabilization money plus extra to become more robust. Nobody is in the business of giving free money.
[Proposal] Generalizing the stabilization fund, saving the peg, slowing the minting
so how many UST in total you gonna burn 13/05
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Dont vote this, is not a solution. Stop minting Luna
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because is not a solution. You kill Terra you kill everything
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guys, what you don’t understand is that the price drop in Luna is not because of dilution… Luna supply has been multiplied by 4 in the last 2-3 days, but Luna price dropped 700 times now… People is selling Luna like crazy (probably shorting Luna)… The sooner we solve the peg issue, the sooner Luna will go to the moon…
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This project is important, hope it get solved
Will TFL be burning the 1.3B UST for LUNA? If so, what will TFL do with that LUNA?
How does this help? The 1B UST is in the community pool and not in circulation, thus there is no sell pressure if they dont touch it. Burning it won’t change anything, as its not being touched anyway.
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Of course people are selling massively. If you know they are going to dilute like crazy, people run to the hill and you get a cascading effect of selling. If they stop the crazy dilution of Luna, people will stop selling but actually start buying.
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The tweet mentioned staking more LUNA to prevent governance attacks – We should just hold the community pool UST and if needed, use it to buy back LUNA to combat future governance attacks.
If the UST in the community pool is just being held, then it isn’t really pressuring the peg. Burning UST that would otherwise be held in the community pool doesn’t actually help reduce UST selling pressure.
(if the proposal is to burn for LUNA instead of burning to something like a 0 address, then my comment can be ignored)
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Absolutely NOT.
UST needs to be shelved for Terra to survive.
We won’t get back to peg sustainably, that whole episode has shown that the design of the stablecoin is off.
The Terra ecosystem itself has a lot of value though and is worth saving. END UST and save Terra.
I will not continue to use UST
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